StockMarketWire.com - Angus Energy said it had relinquished its stake in the PEDL143 holmwood licence after the operator of the licence had found that drilling of the wells at the site was not viable.

A study examining the viability of drilling the A24, formerly Holmwood, Portland prospect's centre from selected sites outside the Surrey Hills Area of Outstanding Natural Beauty concluded that the wells were 'neither technically viable nor economically feasible,' UK Oil & Gas said.

'It remains a great disappointment to the company that the licence's former operator, Europa Oil and Gas, whilst in possession of planning consent, failed to drill the prospect from the Holmwood site, around 1 km from the target,' Angus said.

Angus had a 12.5% in the licence.




At 9:59am: [LON:ANGS] Angus Energy Plc share price was -0.03p at 0.73p



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